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Upbeat Consumer Confidence Drives Blue Chips Higher

"We definitely had a lot of volatility throughout the day and a
mix of price action," observed Schaeffer's Senior Equity Analyst
Joe Bell, CMT, of a trading day where the
Dow Jones Industrial Average (DJI)
explored a 128-point range but managed to stay in positive
territory for the entire session. "But by the end of the session,
the bulls gained traction and most of the major indexes finished in
the green. Bigger picture, the market continues to be stuck in a
volatile trading range after reaching new all-time highs back in
early March."

Trading Topic of the Week
-- Tips for Buying Weekly Options:
Wait for the right setup
. Weekly options offer plenty of advantages, but they aren't
necessarily all-purpose trading vehicles.

The
Dow Jones Industrial Average (DJI - 16,367.88)
made headway today, adding 91.2 points, or 0.6%. Twenty-one of the
Dow's 30 components moved higher, paced by International Business
Machines Corp. (
IBM
) and Cisco Systems, Inc. (CSCO), both of which rose 3.6%. At the
back of the pack was Nike Inc (NKE), down 1.6% today.

The
CBOE Volatility Index (VIX - 14.02)
took a tumble as stocks bounced back from Monday's decline. The
"fear barometer" settled the day with a loss of 1.1 points, or
7.1%.

A Trader's Take
:

"Despite the midday selling, the major indexes were able to hold
their March lows and withstand the selling pressure once again,"
noted Bell. "There has been a lot of rotation between sectors
recently, as small-caps and mid-caps continue to lag."

5 Items on Our Radar Today
:

Leaders from the G-8
convened in The Hague without Russian President
Vladimir Putin
in order to send a symbolic message that his annexation of Crimea
was unacceptable. In a joint statement, the heads of state also
threatened to impose harsher sanctions if Russia shows additional
signs of aggression. President Obama and leaders from Canada and
Europe's four leading economies also said they would sit out the
June G-8 meeting planned in Russia and would instead gather in
Brussels. Russia has been a member of the G-8 -- a forum for the
world's leading industrialized economies -- since 1998.
(The New York Times)

The rate of new home sales slipped 3.3% in February to
reach a five-month low
and fall short of economists' expectations. Meanwhile, the
S&P/Case-Shiller home price index -- which gauges prices in
20 major metro areas -- ticked 0.8% higher in January (on a
seasonally adjusted basis). During the past 12 months, home
prices have risen 13.2%. While the monthly reading
narrowly topped economists' outlook
, the year-over-year results narrowly missed the consensus
forecast.
(USA Today; Reuters)

A measure of consumer confidence spiked
to 82.3 this month, per the Conference Board, advancing from 78.3
in February. The figure topped economists' estimates and notched
its highest reading since January 2008.
(Los Angeles Times)

Option traders bet on a
Zynga Inc (
ZNGA
)
pullback in the lead-up to tomorrow's IPO of rival King Digital
Entertainment Plc.

Rallying
Sprint Corporation (S)
received a bullish brokerage note this morning -- and more could
be on the way.

For a look at today's options movers and commodities
activity, head to page 2.

Commodities
:

Oil futures drifted lower on Tuesday, amid expectations that
tomorrow's inventories report will reveal a boost in crude
supplies. The May contract slipped 41 cents, or 0.4%, to settle at
$99.19 per barrel.

Gold futures managed to tick higher, as the metal traded around
the psychologically significant $1,300-an-ounce mark ahead of
tomorrow's expiration of the April contact. By the close, the
soon-to-expire contract had added 20 cents to close at $1,311.40 an
ounce.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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